Zymeworks (NYSE:ZYME) Shares Gap Up – Here’s Why

Zymeworks Inc. (NYSE:ZYME) gapped up before the market opened on Monday . The stock had previously closed at $18.52, but opened at $24.00. Zymeworks shares last traded at $24.3920, with a volume of 7,328,045 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ZYME. JPMorgan Chase & Co. increased their price objective on Zymeworks from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. HC Wainwright reissued a “buy” rating on shares of Zymeworks in a research report on Monday, October 27th. Wells Fargo & Company boosted their price objective on shares of Zymeworks from $15.00 to $17.00 and gave the company an “equal weight” rating in a research report on Friday, November 7th. B. Riley began coverage on shares of Zymeworks in a report on Friday, October 10th. They set a “buy” rating and a $30.00 target price for the company. Finally, Citigroup raised their target price on Zymeworks from $19.00 to $22.00 and gave the stock a “buy” rating in a research note on Monday, August 11th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Zymeworks currently has an average rating of “Moderate Buy” and a consensus price target of $24.67.

Zymeworks Stock Up 29.8%

The stock has a market capitalization of $1.80 billion, a P/E ratio of -16.05 and a beta of 1.48. The business has a fifty day moving average price of $17.40 and a 200-day moving average price of $14.51.

Zymeworks (NYSE:ZYME) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.02. The firm had revenue of $27.61 million for the quarter, compared to the consensus estimate of $33.69 million. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%.The company’s revenue for the quarter was up 72.6% on a year-over-year basis. During the same period last year, the business posted ($0.39) EPS. On average, equities analysts expect that Zymeworks Inc. will post -1.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ZYME. EcoR1 Capital LLC boosted its position in shares of Zymeworks by 33.1% during the second quarter. EcoR1 Capital LLC now owns 22,970,388 shares of the company’s stock worth $288,278,000 after acquiring an additional 5,710,840 shares during the last quarter. Rubric Capital Management LP boosted its holdings in shares of Zymeworks by 8.6% during the 2nd quarter. Rubric Capital Management LP now owns 4,710,551 shares of the company’s stock valued at $59,117,000 after purchasing an additional 372,107 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Zymeworks by 184.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,879,945 shares of the company’s stock valued at $46,210,000 after purchasing an additional 2,514,834 shares in the last quarter. Deutsche Bank AG increased its holdings in shares of Zymeworks by 0.4% in the first quarter. Deutsche Bank AG now owns 1,552,612 shares of the company’s stock worth $18,492,000 after purchasing an additional 5,840 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Zymeworks by 169.2% in the third quarter. Assenagon Asset Management S.A. now owns 1,326,774 shares of the company’s stock worth $22,661,000 after buying an additional 833,994 shares in the last quarter. 92.89% of the stock is owned by hedge funds and other institutional investors.

About Zymeworks

Zymeworks Inc, a clinical-stage biopharmaceutical company, discovers, develops, and commercializes biotherapeutics for the treatment of cancer. The company’s lead product candidates include zanidatamab, a human epidermal growth factor receptor 2 (HER2) that is in Phase 1, Phase 2, and Phase 3 clinical trials, including certain ongoing pivotal clinical trials; and zanidatamab zovodotin, a HER2 -targeted antibody-drug conjugate that is in Phase 2 clinical trial for the treatment of advanced or metastatic HER2-expressing tumors.